property of an estate

[nomorecredit]

After much thought, my DH and I are filing Chap.7 bankruptcy. This was not a decision that we came by easily. Our debt was really a deeper problem within our marriage of 25yrs. that needed attention and one we are dealing with...that's for another forum.

My DH father passed away 2 years ago having estate planning done they put their land in a trust. At his passing my MIL had both her sons names added to this land and recorded. My question is, is this land safe from our creditors? We will see our lawyer on the 31st. but just want to put our fears to rest if possible until we can call him. She lives in a different state than we do, if that even matters.

One other thing, my husbands name is also listed on their checking account as "Joint-With Survivorship(and not as tenants in common)" His name is not on her checks. This was done so that he could help her pay her bills if she ever became unable to do this. I do know his ss# is listed on this account.

We just want to make sure none of this can be deemed as "assets" for us. Also do not want our actions in anyway to affect his mom!

Thank you!

[HHM]

First, what does "DH" stand for. (I figured out MIL, Mother-in-law) but DH eludes me?

Is the land still held in trust, or did the trust expire when you husband's father passed? Its a little hard to answer here and you did not give enough background on the trust. (You have used too many pronouns )

Generally, if the trust still exists, it more than likely will NOT be considered an asset if you declare bankruptcy. It just depends on the type of trust, and what you husband's standing is in relation to the trust. However, if the DEED to the land shows your husband as an owner, then yes, it will be an asset, at least up to the extent of his interest in the land.

[tinroofrusted]

Dear Hubby or Husband.....

[nomorecredit]

Ok..sorry about the abbrev., DH as Tinroof stated, does indeed mean Dear Hubby, Husband. I've spent too much time on other forums and picked up their lingo.

Also, sorry about too many pronouns..that's probably because I don't know what I'm talking about and don't really know how to word it. :o

As far as I know, nothing has expired. Upon his death it just transfrerred to his wife and when she passes then it will pass to their sons. Some of this land is farmable land that is currently being used to supply her income. Yes, I do believe that the deed was recorded..something was recorded in reguards to their names being added so I don't know what else that could be. So, when you say, "it will be an asset, at least up to the extent of his interest in the land" What exactly do you mean? We receive nothing from this land monetarily at this time.

Also, does anyone know about the checking account I mentioned?

Thank you again!

[nomorecredit]

one more thing...

Just to clarify..the land is part of a Trust with a life estate. Husband was named Attorney-in-Fact. Hope that helps...

Thank you again...

[HHM]

I think it will come down to how the land was deeded. If the land is "owned" by the trust, then it shouldn't be a problem.

Sounds like your husband was designated as the administrator of the Trust.

[nomorecredit]

Ok..a little more info. while waiting for lawyer to call...

Called and found out that the deed is listed as(changed names)
July 2003
Jane Doe Trustee of the Dick and Jane Trust

Conveyed to: Tom and Sam

I don't know if this is enough information or not..but my husbands mother still pays all the taxes on this property etc.

I'm not sure if that means that it's owned by the trust to be conveyed upon her death or what?

Thanks again for your help!